Did you think it was all over? Far from it.
Hong Kong Airlines is facing a deadline from the HK Government, to reveal who owns the private company.
A new company emerged on Tuesday as investor in the airline, saying it had purchased the shares of the former investment company used by the previous owner of the airline to mount a coup in the boardroom.
The new company – Grand City Investments claims up to 34% of the airline belongs to them now.
Zhong Guosong, the former owner has tried to legally block the airlines managers and board from making decisions.
Grand City seems to be defending the current board so how does the former owner stand a chance of retaking control of the airline?
So Gusong is now challenging the Grand City purchase claiming it too, is illegal.
The bizarre situation leaves Hong Kong Airlines with rival boards of directors, that two sides claim are mutually illegal, a situation that will cripple the airline if it carries on much longer.
It’s desperate to receive funds to bail it out and the government is demanding proof of legal ownership, or the potential suspension of the airlines operating licence will be next.
Guosong may not even have been in a position to mount his attempted coup, as it seems that Grand City owned the shares before he could legally use them.
HNA Group still owns 29% of the airline and it still flies under Hainan Airlines style colours.
Airline groundings are often fatal, once they cease flying public confidence collapses and others quickly fill gaps in capacity. Personal grievances and directors pride seem destined yet again, to take down another airline.